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Highlights

  • Horseshoe Metals receives DSO Mining Approval for Horseshoe Lights Copper-Gold Project from DEMIRS.

  • Operations personnel mobilisation to begin in early July; DSO mining start-up set for Q3.

  • Company advancing talks with offtake partners amid rising copper prices and demand.

Shares of Horseshoe Metals Limited (ASX:HOR) rose 42.9% to AUD 0.03 in morning trade following a key operational milestone at its flagship Horseshoe Lights Copper-Gold Project (HSL) in Western Australia.

The company announced that it has received Direct Shipping Ore (DSO) Mining Approval from the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS), a development that clears the way for the immediate mobilisation of personnel and the upcoming launch of copper mining operations at the site.

The DSO Mining Approval enables the company to commence operations targeting the existing high-grade copper stockpiles on site. This is expected to generate early cash flows in 2025, positioning the project for a revenue-generating phase within the current financial year.

Mobilisation and Operational Activities Set to Commence

Horseshoe Metals confirmed that mobilisation of operations personnel is scheduled to begin in early July, with DSO mining activities slated to commence shortly thereafter. The company’s team has already begun recommissioning site infrastructure, with works starting in May.

The approval also supports Horseshoe’s broader strategic objectives, including near-term production and advancing toward expanded exploration efforts across the project site. Drilling and geochemical sampling campaigns are being finalised for the current quarter, targeting several new copper and gold anomalies.

Demand Outlook and Offtake Discussions

In line with rising global copper demand and favourable market conditions, Horseshoe continues to engage in discussions with multiple potential offtake partners, both domestically and internationally. These partnerships are expected to support the commercialisation of its DSO product, which has gained interest due to its high-grade copper content.

The company expects demand for its DSO output in the near term, supported by tightening global copper supplies and elevated pricing. 

Exploration and Development Strategy

Alongside the DSO operations, Horseshoe has outlined a series of exploration and development activities planned for the coming months. These include:

  • Reverse circulation (RC) drilling to test high-priority copper and gold targets.

  • Auger-assisted geochemical soil sampling across areas of historic RAB drilling and adjacent untested zones.

  • Rock chip sampling of quartz veins and jasperoids to further define surface mineralisation.

  • Updates to the HSL Scoping Study to reflect new data and economic inputs.

Project Overview

The Horseshoe Lights Copper-Gold Project is located approximately 60 km west of Sandfire Resources’ DeGrussa Copper Mine in the Bryah Basin. It is historically significant as the original Cu-Au VMS discovery in the region. Previous production from the project includes around 316,000 oz of gold and 55,000 tonnes of copper. Current in-situ resources stand at 128,000 tonnes of copper at 1.0% Cu (0.5% cut-off) and 36,000 oz of gold.